weather index insurance

Weather risk management, risk transfer, pricing, data, broking and structuring firm, Meteo Protect’s weather insurance platform has been launched by the National Union of Potato Producers (UNPT) of France, providing farmers with resilience against climate and weather-related risks.

Global reinsurance firm Swiss Re, with the assistance of local specialist insurer Taiwan Fire & Marine Insurance, has developed the first parametric aquaculture insurance solution covering fish farmers in Taiwan against extreme rainfall.

Index-based, or parametric structured insurance solutions, while beneficial and expanding across the world, require greater supervision, according to Lead Insurance Specialist at the World Bank, Craig Thorburn.

The World Bank’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have teamed up to provide a facility that will help to cap insurers loss ratios on weather index-insurance schemes in Africa.

Speedwell Weather, a provider of weather data, forecasting information, analytics, software and consultancy to the weather derivatives and weather risk management market, has unveiled its awaited parametric weather risk transfer platform weatherXchange.

Swiss Re Corporate Solutions has completed the issuance of the first weather-indexed parametric insurance policy for a hydroelectric power company in Brazil, helping the company to mitigate its risks associated with Brazil’s severe drought of recent years.

London domiciled insurance and reinsurance company Beazley has launched Cancellation Plus in the UK, a parametric rainfall product that’s sold alongside its event cancellation product, which provides event organisers with protection against reduced revenue as a result of rainfall occurrence.

Satellite data plays an important role in the establishment and success of risk transfer triggers and index insurance schemes, and as technology has advanced the use of satellites has expanded and become more efficient, supporting the growth of innovative agriculture insurance and reinsurance solutions.

Parametric or weather-index insurance cover through microinsurance schemes continues to expand its reach across Africa, a trend that could result in greater demand and utilisation of reinsurance and insurance-linked securities (ILS) capacity.

Speedwell Weather, a provider of weather data, forecasting information, analytics, software and consultancy to the weather derivatives and weather risk management market, is planning to launch a free platform to facilitate parametric weather risk transfer.